Mr. Paul Haber reports

ADVANTAGEWON OIL CORP. PROVIDES UPDATE ON APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

Further to Advantagewon Oil Corp.'s press release of April 21, 2023, the Ontario Securities Commission has rejected the corporation's application for a management cease trade order (MCTO) as the corporation is not viewed as having met all of the criteria for an MCTO.

The corporation filed the MCTO application with the OSC due to an anticipated delay in filing its audited annual financial statements, and management discussion and analysis for the financial year ended Dec. 31, 2022, and the chief executive officer and chief financial officer certificates, all as required by National Instrument 51-102 -- Continuous Disclosure Obligations and National Instrument 52-109 -- Certification of Disclosure in Issuers' Annual and Interim Filings. The documents are required to be filed by May 1, 2023. If the documents are not filed by the filing deadline, the corporation anticipates the imposition by the OSC of a failure-to-file cease trade order (FFCTO).

The default is anticipated due to the corporation's difficulty in raising capital to pay its auditors because of challenging market conditions.

We seek Safe Harbor.